The yield on the benchmark 10-year Treasury note hit a new all-time low Wednesday amid anxiety over the European debt crisis — this time centering on Spain.

How frantic has this latest flight to safety become? Check this out: More than half the stocks in the S&P 500 sport dividends yields in excess of the 10-year note, currently sitting at 1.65%.

This upside-down relationship between debt and equity helps form part of the bullish call on riskier assets over the longer term. As Bob Doll, chief equity strategist at BlackRock (NYSE:BLK), writes: “The combination of the rising equity risk premium, falling stock prices, improving corporate earnings and lower Treasury yields means that stocks have become quite cheap relative to bonds.”

Whether that’s really true or not remains to be seen, but to give dividend investors an idea of the fountain of opportunities to be found among the most liquid stocks in the U.S., here’s a list of the 278 stocks in the S&P 500 offering yields greater than 10-year Treasurys, according to Capital IQ data: